Debt securities, Q4 2008

In Norway, 863 issues of debt securities valued at NOK 319.8 billion were registered during the second half of 2008. 15.8 per cent of the number and 29.1 per cent of the amount referred to issues which were registered in December 2008. Compared with the second half of 2007, the number of issues fell by 1.1 per cent while the amount of issues rose by 27.6 per cent. The major part of the number of issues (461) refers to commercial papers, while the amounts of bonds and commercial papers were equal.

By groups of issuers, a major part of issues up to the second half of 2008 referred to commercial and savings banks. In the second half of 2008 however, the largest amounts (NOK 94.0 and 84.1 billion) referred to the central government and ‘other financial corporations’ respectively. A considerable part of the issues refers to covered bonds issued by mortgage companies in October, November and December and government securities, which may be exchanged as from November 2008 according to an authorisation from the Norwegian parliament to the Ministry of Finance in October. The values of issues by non-financial corporations and rest of the world have however declined. Though the value of issues by public owned enterprises rose by 6 per cent compared with the second half of 2007, the values of issues by private companies and rest of the world were reduced by 63 per cent and 47 per cent respectively.

During the second half of 2008, Norwegian entities issued 1 108 bonds and commercial papers valued at NOK 421 billion abroad. 18.4 per cent of the number and 28.3 per cent of the amount referred to issues which were registered in December 2008.The number and amount of issues fell by 15.2 per cent and 8.8 per cent respectively, compared with the second half of 2007. The major part of the issues refers to ‘other financial corporations’ and commercial and savings banks issuing particularly large amounts in November and December 2008.

In 2008, 1818 issues of commercial papers valued at NOK 566.1 billion were registered in Norway. Outstanding bond and short-term securities at the end of December 2008 amounted to NOK 1 222.8, and increase of more than 22 per cent compared with December 2007. The mortgage companies' and central government's debts rose by 86.3 per cent and 33.7 per cent respectively. State enterprises’ debts were at the same level as at the end of December 2007 while the debts belonging to local government and other municipal enterprises and private companies were reduced by 4.1 and 3.1 per cent respectively. However, the rest of the world’s outstanding bond and short-term securities in Norway rose by 7.6 per cent in 2008. Norwegian entities have issued 2400 debt securities valued at NOK 913.7 billion abroad.

Tables:

• Table 1 Gross issues of bonds and short-term securities per month. Number of issues and nominal value of issues in NOK million
• Table 2 Bonds issued in Norway. Nominal value. NOK million
• Table 3 Domestic bond debts. Nominal value. NOK million
• Table 4 Commercial papers issued in Norway. Nominal value. NOK million
• Table 5 Domestic commercial papers debt. Nominal value. NOK million
• Table 6 Bonds and short-term securities issued by Norwegians abroad. Nominal value. NOK million
• Table 7 Issues of bonds in Norway. Number and nominal value. NOK million
• Table 8 Issues of commercial papers in Norway. Number and nominal value. NOK million
• Table 9 Bonds and short-term securities issued abroad by issuing sector. Number of issues and nominal value of issued. NOK million